The Discounted Variable Loan is only offered as a variable rate loan. Borrowers are offered an introductory rate offer – discounted for an agreed period from the time of establishment.
Flexible repayments options include the ability to make your repayments weekly, fortnightly or monthly. There is also the ability to make lump sum payments into this loan, without penalty.
Should you wish to later draw on those additional payments, a redraw facility is available with the Family First Credit Union Discounted Variable Loan. However, redraw fees may apply.
However, the loan does not offer a mortgage offset facility.
The Community First Credit Union Discounted Variable Loan allows for borrowing of up to 95 per cent of the property value, with lenders mortgage insurance. So it may suit borrowers with few savings.
But be aware that the attractive discounted rate is only for a short time, and later reverts to a variable rate, which may be higher. So borrowers should factor this into their long-term calculations.
While Family First Credit Union Discounted Variable Loan offers very competitive introductory rates. However, that these discounted rates are for a short time only so borrowers should weigh up the long-term costs of this loan.
The loan has no ongoing fees, however substantial upfront costs and a discharge fee applies.
There are a number of popular mortgage features offered with this loan, including the ability to make lump sum payments and a redraw facility in case you wish to draw on those funds at a later time.
The loan also offers a small deposit option, allowing borrowing of up to 95 per cent of the property value, with lenders mortgage insurance.
Family First Credit Union is a member-based institution with limited branch access only.
For more information about the Family First Credit Union Discounted Variable Loan, click on the links below.